Up to Rs 9 lakh can be deposited in a single account of Post Office MIS and up to Rs 15 lakh in a joint account. This deposit is made for 5 years, which means you can arrange for regular income for 5 years from this scheme in one go.
Post Office MIS: Post Office Monthly Income Scheme is a scheme in which you can arrange income every month by depositing money. You get this income every month from interest. Whatever amount you deposit, interest of up to 7.4 percent is given on it. With this scheme of post office, you can earn up to ₹ 9,250 every month. In this, up to 9 lakh rupees can be deposited in a single account and up to 15 lakh rupees in a joint account. This deposit is made for 5 years, that is, you can arrange regular income for 5 years from this scheme at one time.
But suppose you deposited Rs 15 lakh in Post Office MIS and you need the money before 5 years, then how will you withdraw the deposited amount before 5 years? Will this cause you any loss? Know the rules of pre-mature withdrawal-
Cannot be withdrawn before 1 year
If you deposit money in the Post Office Monthly Income Scheme, but due to the need of money in between, you have to close the account and withdraw your deposited amount, then understand well that you do not get this permission before the completion of 1 year. After the completion of 1 year, you can do pre-mature closure, but a penalty is charged from you for this.
How much penalty is there on pre-mature closure
If you withdraw money between one year and three years, then 2% of the deposit amount will be deducted and returned. If you want to withdraw money between 3 years and 5 years, then 1% of the deposit amount will be deducted and the deposit amount will be returned. On completion of 5 years, you get the entire amount back.
How much income on deposits of 5 lakh, 9 lakh and 15 lakh
According to the Post Office MIS Calculator, if you deposit Rs 5 lakh in Post Office MIS, you will earn Rs 3,083 per month at the rate of 7.4 percent interest. On the other hand, if you invest a maximum of Rs 9 lakh, you can earn Rs 5,550 per month. If you invest Rs 15 lakh in a joint account, you can earn Rs 9,250 every month through this scheme.
Who can open an account
Any citizen of the country can open an account in the Post Office Monthly Income Scheme. An account can also be opened in the name of a child. If the child is less than 10 years old, his parents or legal guardians can open an account in his name. When the child is 10 years old, he can also get the right to operate the account himself. For MIS account, you must have a savings account in the post office. It is mandatory to provide Aadhaar card and PAN card for ID proof.
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